The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped
National Business Daily
2024-04-26 00:17Published on the official account of Sichuan Daily Economic News
On the evening of April 22, the gold price, which had soared upwards for more than a month, suddenly "plunged". On the same day, the international gold price fell nearly 3%, falling below the $2,350 mark, the largest one-day decline since February last year. On the same day, the retail gold price of many gold jewelry brand counters was reduced by about 14 yuan per gram, and related topics were also on the hot search.
On April 23, spot gold extended its decline, falling below the integer mark of $2,300 per ounce. On April 25, as of press time, spot gold was at $2,318 per ounce.
Industry insiders reminded investors that at present, the international gold price has entered a stage of high consolidation, and the public chasing the rise in the short term should remain cautious.
Someone made 140,000 yuan
Gold repurchases at bank outlets soared by 4,000%
After the fall in the gold price, the gold recycling business ushered in a peak.
According to a CCTV News report on April 25, the reporter saw in a gold jewelry store in Nantong, Jiangsu Province, that there were a dazzling array of gold jewelry in the store, and many customers came to buy, and some customers took old gold jewelry to consult the repurchase business.
Zhao Jing, a salesperson in a gold store in Nantong, Jiangsu: The current market is not bad, more than 600 yuan per gram a year ago, and the current price is basically a little more than 700 yuan per gram.
Similarly, banks' gold recycling business has also seen a peak.
Citizens of Nantong, Jiangsu: Sold 250 grams of gold, with a profit of nearly 140,000 yuan, and the income exceeded 30%.
The reporter visited and learned that the gold repurchase volume of many banks in Nantong has remained high recently. Due to the long time required for the repurchase business, some bank branches have also optimized their services in order to cope with the surge in customers.
Qiu Wei, President of Bank of China Nantong Branch: Recently, we have set up a special gold repurchase point and increased the number of staff responsible for gold repurchase business. Since March, the repurchase volume of Bank of China Gold in Nantong has reached nearly 3 million yuan, and the highest redemption volume in a single day has reached 1,600 grams.
Also in a Bank of Communications in Beijing, the reporter learned that in the past March, the outlet repurchased 564 gold businesses, an increase of 4,000% month-on-month, and the repurchase amount was 28.88 million yuan, an increase of 5,150% month-on-month.
Ma Guangchao, Customer Service Manager of the Business Department of the Beijing Branch of the Bank of Communications: We have increased the flexible window for gold repurchase to avoid customers waiting. It has also increased the consultation telephone number to facilitate customer consultation. Since the beginning of this year, the maximum gram weight of a single customer repurchase has reached 2,000 grams, and the amount has reached 1.11 million yuan.
Gold Recyclers:
After a busy day, he lost more than 10,000 yuan
According to a report by Red Star News on April 25, on April 24, Mr. Lin, a gold recycler in Hunan, told reporters that since March, domestic gold prices have continued to rise; "Some customers heard the rumors and came to inquire about withdrawal, but they couldn't accept the gold price of 530 and 540 (yuan/gram), and the actual trading volume did not increase significantly. ”
For gold recyclers, there are also risks associated with acquiring gold at this time. Mr. Lin introduced that early in the morning of the 24th, he found that the gold collected on the evening of the 23rd had lost more than 20,000 yuan, and he was currently trapped for hundreds of thousands of yuan. Like most gold recyclers, Mr. Lin is also waiting and seeing, "It's more bullish to see when it can rise back and then make a move." ”
A gold recycler in Zhengzhou said that on April 22, she received more than 1,000 grams of gold, and the recovery price for customers at that time was 556 yuan/gram, and then the gold price fell to 555 yuan/gram, 552 yuan/gram and 550 yuan/gram. ”
According to the gold recycler, they are recovering gold from a low price, and the price of gold has been rising. On April 23 and 24, the price of gold continued to fall, and if you have stockpiling in your hand, you will lose about 20 yuan per gram. However, in the view of the recycler, it is normal for gold recyclers to make profits and losses, "invest in trading, make money when it rises, and bear its own risks when it falls." However, in the past, it was more common to fluctuate by two or three yuan per gram, and it was relatively rare to reduce the price by ten or twenty yuan per gram. ”
Bullish consumers continued to wait and see, while many bearish consumers decided to sell their gold to cash in. A consumer in Guangdong sold 30 grams of gold jewelry on the 24th, "taking advantage of the relatively high price of gold, I want to quickly realize it and settle in my pocket." ”
Mr. Huang, the person in charge of a gold recycling company in Shenzhen, recalled to reporters that the gold price had fallen from the highest 583 yuan/gram last week to 547 yuan/gram on the 24th, and the gold price fell by 35 yuan per gram in a week. By noon on April 25, the price of gold was 552 yuan/gram, "a little higher than yesterday".
Mr. Huang introduced that in the past month, the store has received a lot of gold customers every day, many of whom were hardware bought when they got married, and some customers couldn't sit still, and sold nearly a pound of gold bar jewelry at one time, realizing more than 200,000 yuan. "In the past two days, the price of gold has fallen, and the trading volume has decreased significantly, since March, there have been 10 orders a day, and now there may only be two or three orders, returning to the normal level before the gold price surge. ”
Why did the price of gold fall suddenly?
According to the Securities Daily, Liu Siyuan, chief analyst of Lingxiu Finance, said in an interview that due to the excessive rise in gold in the early stage, the profit order was cashed out, which led to the market selling and suppressing prices.
According to the 21st Century Business Herald, there are three reasons for the current round of gold price decline: first, the easing of geopolitical tensions has brought about a cooling of risk aversion; second, the decline in inflation in the United States is still not enough to support the Federal Reserve's interest rate cuts, and the rebound of the dollar index has further suppressed gold prices; third, the profit exit at the capital level, many exchanges at home and abroad have taken ways to raise margins and other ways to curb the market's overheated speculative sentiment.
Liu Chunsheng, an associate professor at the Central University of Finance and Economics, also said that speculation in the gold market has weakened recently, and profit-taking in early investment may also be one of the reasons for the decline in gold prices. In addition, CITIC Securities Research Report said that since October last year, the price of gold has risen significantly, which is related to the increase in the demand for gold purchases by the People's Bank of China and the consumption of gold. Since March this year, the unusual rise in gold prices may have been driven by speculative trading factors in gold.
According to China-Singapore Jingwei, Wan Zhe, a professor at Beijing Normal University, said that the current decline in gold prices is expected. Looking ahead, gold prices are likely to remain volatile. Since 2020, the world has faced changes unseen in a century, and the epidemic has formed a relatively widespread risk aversion, so there has also been a "paradox" of the US dollar and gold rising together. In the current global political and economic outlook, the United States will not completely change its usual approach to sanctions against some countries, and this uncertainty will bring risk aversion. Therefore, in the long run, gold will still be supported by risk aversion, or fluctuate at a high level. The dollar's position in the global monetary system and the concentration of the U.S. voice in the global financial system could raise concerns in other countries, including emerging market countries. The decline in trust in the US dollar has also brought a preference for special assets such as gold and Bitcoin, which is also one of the factors supporting gold at a high level.
Is the fall in gold a time to enter the market?
With the volatility of gold, regulators and institutions have warned of investment risks. For example, on April 15, China Construction Bank issued a market risk reminder for precious metal trading business, announcing that the recent fluctuations in domestic and foreign precious metal prices have intensified, and the market risk has increased. A number of banks have also adjusted the threshold amount and limit of their accumulation funds based on changes in the gold market.
So, is gold worth buying next?
According to China-Singapore Jingwei, the high gold price since the beginning of this year has led to a gold investment boom in the domestic market, especially the preference of Chinese consumers and investors for gold. For physical gold such as gold bars and gold jewellery, most people buy mainly for decoration and long-term storage needs, and large quantities may face security risks and storage costs. Moreover, gold jewelry itself belongs to consumer goods, although it is more valuable than daily consumer goods, but as an investment product, its value preservation attribute is not strong, exquisite gold jewelry often has a higher additional cost, and this part of the cost will be excluded when trading for cash.
Finally, it should be reminded that gold investment is bound to be accompanied by high risks, although the current price has declined, but it does not necessarily mean the time to buy, it is difficult to accurately judge when the gold trend is "bottom-taking" and when is "profit-taking". There are many forms of gold investment, whether it is paper gold, gold ETF or other forms, investors should choose formal investment channels, do not believe in the so-called external trading, black market trading, etc., and should make investment decisions according to their own asset size, investment preferences, risk tolerance, and investment period.
According to Chao News, a precious metals researcher at a futures company in Zhejiang told reporters that the recent rise in gold and silver has been steep and a bit deviating from the fundamentals.
In the short term, investors' fears of conflict in the Middle East have eased, prompting them to scale back their safe-haven trades, while market bets on Fed rate cuts have decreased, and the US dollar and US Treasury yields have risen, putting pressure on gold prices. In general, the current precious metal price deviation is obvious, to wait for it to revert to the mean, and wait for some irrational investment to clear out of this market, or wait until everyone's mood is stable, gold will gradually stabilize, and then resume its basic value trend.
The senior manager of the state-owned bank said: "In the long run, I continue to be optimistic about the trend of gold, but in the short term, do not easily judge how deep its pullback is, we can only follow the results of the game reflected in the market, so it is recommended that investors invest rationally, the trend is not good, it is necessary to reduce positions appropriately, rather than reverse operation." ”
Disclaimer: The content and data of the article are for reference only and do not constitute investment advice. Investors act accordingly at their own risk.
Editor|Cheng Peng, Du Hengfeng
Proofreading|Sun Zhicheng
Cover image source: Screenshot
The daily economic news is synthesized from the 21st Century Business Herald, China-Singapore Jingwei, CCTV Finance, Red Star News, Chao News, and public information
National Business Daily
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The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped -
The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped -
The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped -
The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped -
The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped -
The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped -
The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped -
The gold grabbing turned into a gold selling tide, and some people made nearly 140,000 yuan! The recyclers shouted bitterly: The fall was too fast, and the first night of the harvest was lost by the morning, and hundreds of thousands of yuan had been trapped